Kentucky Power: Driving Economic Development
Kentucky Power plays a crucial role in economic development by contributing to job creation, increasing tax base, and potentially lowering rates for customers and communities. Through various initiatives like economic growth grants, rate incentives, and site development assistance, Kentucky Power actively supports local and regional economic growth. The company's impact extends beyond providing utilities, demonstrating a commitment to enhancing the overall economic landscape of Kentucky.
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Presentation Transcript
The Importance of Utilities in The Importance of Utilities in Economic Development Economic Development 1
Kentucky Power in the Community Customers: 161,700 Employees: 241 State and Local Taxes: $12 million Federal Taxes: $4.8 million Philanthropic Giving in Kentucky: $420,000 Local and Regional Economic Development Contributions: $600,000 Aid to Customers in Need: $280,000 for weatherization $945,000 in energy assistance for Home Energy Assistance in Reduced Temperatures and Temporary Heating Assistance in Winter 2
Why is economic development important to Kentucky Power? For our customers and communities Job creation Increased tax base for our communities The potential to lower rates 3
Kentucky Power in Economic Development Competitive energy pricing Optional Tariffs Assisting partners and local governments Kentucky Power Economic Growth Grant Site Development Recruitment 4
Rate Incentives Interruptible rates Discounted rates for the possibility of service interruption during times of peak demand Economic Development Rider Reduced demand rates for projects or expansions above 500 kW 5
Kentucky Power Economic Growth Grant Economic Development training for 70 elected officials and 11 local economic developers Site Development o Kentucky Build Ready Certification for East Park Site B and Hager Hill Industrial Site o PDI pilot launch and KPDI annual funding to KAED o Road to Build Ready site at EastPark Revitalization plans for six cities Expansion of SOAR's Remote EKY program Workforce studies used to market the region Targeted recruitment 6
2022 & 2023 KPDI Applicants Regional Projects Round Sites Round 1 (2022) 73 9 Round 2 (2023) 69 11 8
In the works. 8 active projects 30 projects in the pipeline Recently announced Wurltand Oil Works, LLC in Greenup County. $25 million capital investment and 75 new jobs. 9
THANK YOU! Support of the Kentucky Product Development Initiative Funding of incentives needed for recruitment Ongoing partnership opportunities 10
